The Federal Government of Nigeria will start to receive a 7.5 percent Value Added Tax, VAT on Cryptocurrency transactions in Nigeria. The tax which will be effective from July 8, 2024, is on users registered in the country.
This was disclosed by a popular cryptocurrency platform, KuCoin. The information was contained in a recent email notice sent to its users in Nigeria.
The message stated, “We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria.
“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT). At a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”
According to official data, cryptocurrency transaction volume is $59 billion yearly.
Meanwhile, Ray Youssef, director of NoOnes, a cryptocurrency platform said peer-to-peer business is worth $500 billion.
Recall that in February 2024, the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso raised the alarm about cryptocurrency. He had stated that a suspicious $26 billion was funneled through Binance without a trace.
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U